保险行业月报（2025年1-5月）：寿险提速，财险稳健增长-20250629

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [24]. Core Views - The report highlights a rapid growth in life insurance and stable growth in property insurance, with a recommendation order of China Pacific Insurance H, China Life H, Ping An H, and China Property H [2]. - The life insurance sector is experiencing a significant increase in premium income, with a year-on-year growth of 3.9% in the first five months of 2025, driven by a recovery in life insurance premiums [7]. - The total assets of the insurance industry reached 38.42 trillion yuan by the end of May 2025, reflecting a 7% increase from the previous year [7]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - China Pacific Insurance: - Stock Price: 36.96 yuan - EPS (2025E): 4.87 yuan, PE (2025E): 7.58, PB: 1.08, Rating: Recommended - New China Life: - Stock Price: 58.53 yuan - EPS (2025E): 6.39 yuan, PE (2025E): 9.15, PB: 2.09, Rating: Recommended - China Life: - Stock Price: 41.16 yuan - EPS (2025E): 3.09 yuan, PE (2025E): 13.31, PB: 2.27, Rating: Recommended - Ping An: - Stock Price: 56.96 yuan - EPS (2025E): 7.56 yuan, PE (2025E): 7.53, PB: 1.11, Rating: Strongly Recommended - China Property: - Stock Price: 8.76 yuan - EPS (2025E): 1.05 yuan, PE (2025E): 8.36, PB: 1.36, Rating: Recommended [3]. Industry Basic Data - Total Market Value: 3,139.625 billion yuan - Circulating Market Value: 2,168.525 billion yuan - Number of Stocks: 6 [4]. Premium Income and Growth - The insurance industry achieved original premium income of 30,602 billion yuan in the first five months of 2025, with a year-on-year increase of 3.8% [7]. - Life insurance premiums reached 18,735 billion yuan, with a year-on-year growth of 3.9% [7]. - Property insurance premiums totaled 6,129 billion yuan, with a year-on-year increase of 4.0% [7]. Asset Changes - As of May 2025, the total assets of the insurance industry reached 38.42 trillion yuan, with a year-on-year increase of 7% [7].